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Xeyoze Limited was incorporated by the Corporate Affairs Commission on February 1, 2010. On March 1, 2011, the company bid for a contract to rehabilitate one of the nation’s oil refineries. This contract attracted scores of bidders because it was seen as a very lucrative one. A rival bidder objected to the competence of Xeyoze Limited to bid for the contract on the ground that an investigation at the Corporate Affairs Commission revealed that the company has not filed its annual returns.
Required: Advise Xeyoze Limited on the following:
(i) The importance of filing annual returns. (2 Marks)
(ii) The period within which the annual returns must be filed. (2 Marks)
(iii) The consequences of failure to file annual returns. (2 Marks)
(iv) Whether it is optional to file the annual returns or not (2 Marks)
(v) What is your advice if the contract was bid for on October 1, 2010? (3 Marks)
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Stella works as a sales girl for Kampus Multipurpose Stores (KMS), operated by Lucas on the University Campus. Recently, Lucas discovered that whenever he was not around, Stella would pack Lucas’ wares off the shelves and display her own wares on the shelves. Thus, Stella used her employer’s time, resources and facilities to sell her own wares in place of her employer’s. The financial books of KMS were audited last month and the audit revealed that on some occasions, Stella sold her employer’s wares at a higher rate than that recommended and she pocketed the difference. Required: Advise the following parties on the legal implications of their actions: (i) KMS (5 Marks) (ii) Stella (6 Marks)
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For a contract to be binding on all the parties to it, it must not be tainted by any vitiating element. Undue influence is one of such vitiating elements.
Required: Explain briefly undue influence as a vitiating element in a contract.
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Samuel, aged 16, is the son of Chief Luke Umeh, a multi-billionaire. Two weeks ago, Samuel drove his father’s 2011 model Jeep vehicle to a car exhibition. At the exhibition, he saw a year 2012 model of the same Jeep and entered into a contract with the manufacturers to buy two of the latest Jeep. The two Jeeps were delivered to Samuel and he drives them to his secondary school to impress his school mates. The manufacturers of the Jeep, Manny Auto Engineering Limited, requested payment for the Jeeps but Samuel refused to pay, claiming that he is an infant. The manufacturers are insisting on full payment for the vehicles by Chief Umeh.
Required: Advise the following parties on the implications of their actions:
(i) The manufacturers;
(ii) Samuel; and
(iii) Chief Luke Umeh.
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The law of tort deals with civil liabilities of wrongdoers. There are many heads of liability under the law. One of the heads of liability is the tort of vicarious liability. You are required to explain the tort of vicarious liability.
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Every human being has rights which are fundamental and which he enjoys because he is a person. In Nigeria, the fundamental human rights are guaranteed under the Nigerian Constitution. You are required to state any FIVE fundamental human rights guaranteed by Chapter IV of the Nigerian Constitution.
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Which of the following is NOT an aim of the Money Laundering (Prohibition) Act?
A. Limiting the amount of cash payment and receipt
B. Regulating over the counter transactions
C. Prescribing foreign currencies that are acceptable in Nigeria
D. Providing for proper identification of bank customers
E. Empowering the NDLEA to place surveillance on certain bank accounts
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Which of the following is NOT a duty of a receiver in a company?
A. Taking possession of company property
B. Managing company business
C. Discharging all outgoings
D. Protecting company properties
E. Realising securities for the benefit of shareholders
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The following are characteristics of a limited liability partnership firm, EXCEPT:
A. Capital for the business is provided by owners
B. Owned by several individuals working together
C. It does not require regulation of its financial reporting
D. Commercial decisions are made by senior partners
E. Liability for the unpaid debts and other obligations of the business is limited
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
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